What makes ERP a catalyst for the growth of a retail business?
In the initial days, retail business owners and their employees used to manually record data on paper. As the size and complexity of businesses increased, people began to realize that human intervention led to inaccurate data, high turnaround time, poor employee efficiency, and the like. So, eventually, to manage different aspects of the business such as procurement, inventory, POS, finance, and the like, technological solutions replaced paper.
However, implementing legacy systems in the present-day scenario is neither enough nor feasible. There is immense competition among organizations for acquiring the maximum number of customers, earning high profits, and growing rapidly. Using legacy systems to manage all business operations decelerates business growth as the process becomes unsystematic and chaotic.
On the flip side, using an end-to-end Enterprise Resource Planning (ERP) solution helps retailers in integrating all components and streamlining the business further.
In this article, I would like to talk about three major characteristics of an ERP solution that makes it an indispensable asset in a retail business.
1. Regular features updates
The retail industry is ever evolving. Traditional systems have a predetermined set of features that can be used only for a few business functions. ERP solution providers, on the other hand, ensure that the system stays up to date, complying with the ongoing industry needs. For instance, Ginesys’ ERP solution has introduced new updates such as easy integration of customer loyalty programs, government-compliant taxation system, omnichannel retail, and much more. With such updates, customers do not have to keep switching their systems for upgrading their business process management.
2. Single platform usage
Any technological system is implemented in an organization in order to increase the effectiveness of employees and manage the business better. However, having separate platforms for managing various aspects of the business increases the workload for employees - accurately synchronizing data, ensuring data integrity, preparing reports, and much more. Moreover, with human intervention involved, there are chances of erroneous or loss of data. Additionally, the cost and effort for the maintenance of all the platforms are high.
Retailers do not need to overcome these hurdle after implementing an end-to-end ERP solution. All the functions - procurement, manufacturing, inventory, merchandising, POS, finances, customer loyalty, analytics - are all taken care of on the same platform. With an ERP solution like Ginesys, retailers can rest assured that the business would run smoothly with real-time data updation, proper workflow management, insightful analytics of business performance, and the like.
Different types of retail businesses have different needs. For instance, an organization might be a manufacturer and a wholesaler of women’s apparel. In that case, they would majorly need modules to manage manufacturing, wholesale and distribution, and finances. Similarly, another organization might be a multi-brand outlet, in which case, they would majorly need procurement, inventory, and replenishment modules. An ERP solution like Ginesys caters to the retailer’s needs and allows them to customize the solution as per their business model. This, in turn, allows retailers to keep their areas of focus exclusive and thus grow the business.
Ginesys is one of the most trusted solutions when it comes to implementing an ERP. Most of the leading retail organizations all across India have implemented Ginesys ERP and reaped great results for their business.